Fracking boss Lord Browne has been named the executive chairman of L1 Energy—an oil and gas firm backed by Russian billionaire Mikhail Fridman—it was announced this week.

The former BP boss stepped down from his position as chairman at UK shale gas company Cuadrilla to join the Russian energy company. He has also left his role as co-head of Riverstone’s Renewable Energy Fund.

The move has triggered much controversy. Lord Browne has been advising Fridman since 2013 but his decision to join the oligarch’s firm puts him in the middle of a heated legal battle between the Russian company and British government.

The news also comes at a time of growing uncertainty about the prospects of a UK shale gas revolution. DeSmog UK recently reported that one of Cuadrilla’s investors, AJ Lucas, suffered a dramatic fall in share price.

However, Lord Browne might not be moving too far from fracking as L1 Energy is reported to be looking at possible takeover targets, including companies involved in US shale gas as well as companies in east Asia and parts of Europe.

North Sea Deal

Lord Browne’s appointment to L1 Energy follows a contentious deal made between German energy company RWE and Fridman’s $29bn investment fund, LetterOne.

Last weekend, LetterOne agreed a €5bn (£3.6bn) deal to buy 12 oil and gas fields in the North Sea from RWE. L1 Energy was created as a new subsidiary to LetterOne as part of this agreement.

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